While Fort Worth, Texas might not be as famous as the neighboring city of Dallas, it remains one of the biggest and most desirable places to live in the country. Fort Worth is actually the fifth largest city in Texas, and it ranks 16th overall in population for cities within the United States. Approximately 750,000 people live within Fort Worth and, when combined with Dallas, the region makes up the fourth largest metropolitan area in the country. Through the years, Fort Worth has managed to hold onto its ‘Old West’ charm while at the same time transforming into a major city that is home to large corporations and a variety of career opportunities.
Much like nearby Dallas, the population of Fort Worth is made up primarily of three different ethnic groups – White, African American, and Hispanic. Among that population, there is a great diversity in education and median income levels. Nearly half of the population of Fort Worth does not have an education past high school, while around 25% are holding a Bachelor’s degree or above. An annual household income of between $25,000 and $50,000 is most common, with the median total landing at $51,000, which is very close to the overall national average. However, thanks to lower than average home prices, the cost of living in Fort Worth is below the national rate, making it a very attractive place to call home.
All of the current indicators point toward steady increases in the prices of homes within Fort Worth. When comparing the quarter of April through June ’13 to the same time frame from 2012, we can see that all of the pricing indicators have gone up. The average listing price in Fort Worth for the second quarter of 2013 was just shy of $255,000, a slight increase over 2012. The median sales price increased more than 12%, coming in at an even $95,000. One of the main drivers of that increase in prices was the lack of inventory on the market. Fewer houses are for sale currently within Fort Worth, pressuring prices higher and making for quick sales and a fast moving market.
As with any large city, there are countless neighborhoods within Fort Worth’s boundaries. Some of these neighborhoods offer affordable housing and great investment opportunities, while others are well-established with luxury homes and the prices tags to match. When looking for some of the more expensive properties in the city, buyers can head to neighborhoods such as Mira Vista, Monticello, Overton Woods, University West, Park Hill, Crestmont, and more. All of those areas have average home listing prices of well over $500,000. To look for investment chances and starter homes, there are several neighborhoods that average below $100,000 per property. Those include East Meadowbrook, Ryanwood, Central Meadowbrook, Willow Creek, Hallmark-Camelot, Handley, and more.
Many large companies call Fort Worth home, leading to great employment opportunities for both residents of the city and those looking to move into the area. Some of the biggest employers in Fort Worth include the likes of Lockheed Martin, Bell Helicopter, Radio Shack, Pier 1 Imports, BNSF Railway, American Airlines, and many more. Many current residents have been brought to Fort Worth because of a job opportunity only to stay for life because of the stable economy, recreational opportunities, sunny weather, and diverse culture. There are major sports teams in and around the Dallas-Fort Worth metroplex, and residents tend to live an outdoor lifestyle thanks to the warm summers and dry year round conditions.
Unlike many other metro areas, most people that live in Fort Worth travel around the area with private transportation. In fact, 94% of residents report commuting to and from work with a car rather than public transportation or biking/walking. This is true because of the large geographical area that the Fort Worth and Dallas area covers. However, much like most metro areas, Fort Worth has a below-average level of owner occupied homes. Almost 40% of the properties in Fort Worth are rented, which is nearly 20% over the national average. However, there are still over 50% of properties inhabited by home owners, which is predominately made up of the single-family homes that dot the suburbs within Fort Worth.
Currently, the Fort Worth market is fast moving and prospective buyers would be wise to make quick decisions as to avoid missing out on a great opportunity. The average property is only on the market for 33 days in 2013 Fort Worth real estate, meaning that buyers need to act fast and sellers are able to consider multiple offers because of the high demand. With so many large companies to work for and access to everything that a huge metro area has to offer, Fort Worth real estate is typically competitive and so far in 2013 is no different. There are many great properties in and around the city, and just about everyone should be able to find something that fits their tastes and their budget.
Bell Real Estate - Broker
4475 Trinity Mills #703981
Dallas, TX 75370